Formation of non-state pension funds remuneration in the implementation of non-state pension provision activities

The article is devoted to the study of factors influencing the amount of remuneration of non-state pension funds when carrying out activities on non-state pension provision in the context of changes in the system of formation of remuneration of funds. The main attention is paid to the influence of the fund’s profitability on the amount of remuneration. The analysis was carried out on the basis of statistical data of the Bank of Russia for 35 non-state pension funds carrying out activities on non-state pension provision. Multifactor linear regression models were constructed reflecting the relationship between the amount of fund remuneration and a set of selected factors. The analysis showed a complete absence of correlation between the amount of remuneration and the gross profitability of the fund. At the same time, a high dependence was revealed between the fund’s remuneration and the costs of placing pension reserves. An assessment was also made of the potential amount of remuneration of funds for 2021-2023, which could be obtained provided that a new remuneration formation system is introduced from 2021. It is concluded that the reform of the remuneration system of non-state pension funds in terms of non-state pension provision will lead to a significant increase in the actual amounts of remuneration of funds. The rates applied to calculate the additional variable part of the fund’s remuneration in the amount of 20 and 25% of the income received from the placement of pension reserve funds are overstated. In order to increase the profitability of participants’ funds, it is necessary to strengthen control over the funds’ expenses for the placement of pension reserve funds, compensated by pension reserve funds.